Following the end of the development’s financial year, the annual accounts are prepared and, if agreed by owners, are then audited by an independent firm of accountants. A summary is sent to every owner and the accounts will be fully explained. There is often an adjustment to the Service charge after the year-end as it is unlikely that our estimate will equal the amount expended during the year. This adjustment can be a credit if we overestimate or debit if we underestimate. If we underestimate; an invoice will be sent to you for the balance due. If we overestimate, the adjustment is credited to your account and can reduce future invoices.
If you live in an independent retirement living development you will be invited to a residents’ meeting held by the Area Manager where you can ask any questions. We keep a record of all invoices and you can ask to see this information at any time.
For residents in general residential developments, the Area Manager will provide a summary of service charge expenditure for the financial year broken down by categories of expenditure.